Business
ECC Ventures 2 Corp. Definitive Agreement To Acquire Infield Minerals Corp.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. ...
About this update from Infield Minerals Corp
[{"type":"text","content":"ECC Ventures 2 Corp. Definitive Agreement To Acquire Infield Minerals Corp.NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.VANCOUVER, BC / ACCESSWIRE / December 7, 2020 / ECC Ventures 2 Corp. (\"ECC2\" or the \"Company\") (TSXV:ETWO.P) is pleased to announce that it has entered into a definitive amalgamation agreement (the \"Amalgamation Agreement\") dated effective December 4, 2020, pursuant to which it will acquire (the \"Acquisition\"), through its newly formed subsidiary, all the issued and outstanding share capital of Infield Minerals Corp. (\"Infield\"). The Acquisition will constitute a reverse take-over and the Company's qualifying transaction under the policies of the TSX Venture Exchange (the \"Exchange\"). Upon closing, ECC2 will change its name to Infield Minerals Corp.The Acquisition will be completed by way of an amalgamation pursuant to which, inter alia, (i) ECC2 will complete a share consolidation on a 2.25 to 1 basis (the \"Consolidation\"), and (ii) shareholders of Infield will be issued an aggregate of 35,268,975 post-Consolidation common shares of ECC2 as consideration in exchange for their shares of Infield.Upon closing of the Acquisition, current securityholders of ECC2 will own 2,600,000 post-Consolidation common shares, 888,888 of which will be subject to escrow provisions pursuant to the policies of the Exchange, and 251,111 stock options exercisable at $0.225 per post-consolidation common share (111,111 exercisable until April 18, 2023 and 140,000 exercisable until ninety days from closing of the Acquisition), subject to the provisions of the Company's stock option plan.Infield is a private company incorporated pursuant to the laws of British Columbia on March 25, 2019. Infield's principal asset is the Mercury One Property (the \"Property\") in the state of Nevada, USA. Infield also has an option on an additional silver-gold project in Nevada (the \"Bandit Property\").For the period of incorporation on March 25, 2019 to December 31, 2019 (unaudited), Infield had assets of $nil, liabilities of $599 and a working capital deficit of $599. For the interim period ended September 30, 2020 (unaudited), Infield had current assets of $1,600,655, fixed assets of $302,740, liabilities of $99,031, and working capital of $1,501,624.As a condition to completing the Acquisitio...